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		</div><p>The chairwoman of the Federal Reserve has said the US central bank will proceed cautiously in raising interest rates amid a number of uncertainties facing the US economy, including Britain&#8217;s referendum on Europe.</p>
<p>Janet Yellen said the UK&#8217;s vote on EU membership and a potential economic slowdown in China had raised concerns about the strength of the global economy.</p>
<p>In delivering the Fed&#8217;s twice-a-year economic report to Congress, she also pointed to a drop-off in US jobs growth between April and May as a reason for keeping rates on hold. </p>
<p>She said the central bank will be keeping a close watch to see if the weaker momentum in employment growth is temporary or a sign of a bigger problem.</p>
<p>She also stood by the same cautious approach the central bank took following its meeting last week when it left a key interest rate unchanged.</p>
<p>The Fed boosted its benchmark rate by a quarter-point in December to a range of 0.25% to 0.5% and at the time projected another four rate hikes this year.</p>
<p>But since December, financial market turbulence at the beginning of the year, a global economic slowdown and a sharp drop in oil prices have kept the Fed on the sidelines.</p>
<p>Fed officials are now projecting just two rate hikes this year. At last week&#8217;s meeting, the number of Fed officials who forecast just one rate hike this year climbed to six from just one in March.</p>
<p>In her evidence before the Senate banking committee, Ms Yellen acknowledged the problems weighing on the economy.</p>
<p>She said that &#8220;vulnerabilities in the global economy&#8221; included China&#8217;s challenges as it transitions away from reliance on export-led growth.</p>
<p>Ms Yellen said the upcoming vote in Britain over leaving the EU &#8220;could have significant economic repercussions&#8221;.</p>
<p>The head of the European Central Bank (ECB) said it &#8220;is ready for all contingencies following the UK&#8217;s EU referendum&#8221;.</p>
<p>Mario Draghi told the EU Parliament that the ECB is &#8220;ready to act by using all the instruments available within our mandate&#8221;.</p>
<p>The ECB sets monetary policy for the 19 EU countries that use the euro.</p>
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